6.
Selected information about income statement accounts for the
Reed Company is presented below (the company's fiscal year ends on
December 31):
| 2021 | 2020 | |||
| Sales revenue | $ | 5,300,000 | $ | 4,400,000 |
| Cost of goods sold | 3,040,000 | 2,180,000 | ||
| Administrative expense | 980,000 | 855,000 | ||
| Selling expense | 540,000 | 482,000 | ||
| Interest revenue | 168,000 | 158,000 | ||
| Interest expense | 236,000 | 236,000 | ||
| Loss on sale of assets of discontinued component | 120,000 | — | ||
On July 1, 2021, the company adopted a plan to discontinue a
division that qualifies as a component of an entity as defined by
GAAP. The assets of the component were sold on September 30, 2021,
for $120,000 less than their book value. Results of operations for
the component (included in the above account balances)
were as follows:
| 1/1/2021–9/30/2021 | 2020 | ||||||||
| Sales revenue | $ | 580,000 | $ | 680,000 | |||||
| Cost of goods sold | (380,000 | ) | (428,000 | ) | |||||
| Administrative expense | (68,000 | ) | (58,000 | ) | |||||
| Selling expense | (38,000 | ) | (38,000 | ) | |||||
| Operating income before taxes | $ | 94,000 | $ | 156,000 | |||||
In addition to the account balances above, several events occurred
during 2021 that have not yet been reflected in the above
accounts:
Required:
Prepare a multiple-step income statement for the Reed Company for
2021, showing 2020 information in comparative format, including
income taxes computed at 25% and EPS disclosures assuming 600,000
shares of outstanding common stock. (Amounts to be deducted
should be indicated with a minus sign. Round EPS answers to 2
decimal places.)
In: Accounting
|
PHAROAH COMPANY |
||||
|---|---|---|---|---|
|
2022 |
2021 |
|||
|
Current assets |
||||
|
Cash and cash equivalents |
$330 |
$360 |
||
|
Accounts receivable (net) |
570 |
500 |
||
|
Inventory |
640 |
570 |
||
|
Prepaid expenses |
130 |
160 |
||
|
Total current assets |
1,670 |
1,590 |
||
|
Property, plant, and equipment (net) |
410 |
380 |
||
|
Investments |
110 |
110 |
||
|
Intangibles and other assets |
530 |
510 |
||
|
Total assets |
$2,720 |
$2,590 |
||
|
Current liabilities |
$920 |
$890 |
||
|
Long-term liabilities |
660 |
560 |
||
|
Stockholders’ equity—common |
1,140 |
1,140 |
||
|
Total liabilities and stockholders’ equity |
$2,720 |
$2,590 |
||
|
PHAROAH COMPANY |
||||
|---|---|---|---|---|
|
2022 |
2021 |
|||
|
Sales revenue |
$3,980 |
$3,640 |
||
|
Costs and expenses |
||||
|
Cost of goods sold |
1,070 |
990 |
||
|
Selling & administrative expenses |
2,400 |
2,330 |
||
|
Interest expense |
10 |
20 |
||
|
Total costs and expenses |
3,480 |
3,340 |
||
|
Income before income taxes |
500 |
300 |
||
|
Income tax expense |
200 |
120 |
||
|
Net income |
$ 300 |
$ 180 |
||
Compute the following ratios for 2022 and 2021. (Round
current ratio and inventory turnover to 2 decimal places, e.g 1.83
and all other answers to 1 decimal place, e.g. 1.8 or
12.6%.)
| (a) | Current ratio. | |
| (b) | Inventory turnover. (Inventory on December 31, 2020, was $410.) | |
| (c) | Profit margin. | |
| (d) | Return on assets. (Assets on December 31, 2020, were $2,540.) | |
| (e) | Return on common stockholders’ equity. (Equity on December 31, 2020, was $950.) | |
| (f) | Debt to assets ratio. | |
| (g) | Times interest earned. |
|
2022 |
2021 |
|||||
|---|---|---|---|---|---|---|
|
Current ratio. |
:1 | :1 | ||||
|
Inventory turnover. |
||||||
|
Profit margin. |
% | % | ||||
|
Return on assets. |
% | % | ||||
|
Return on common stockholders’ equity. |
% | % | ||||
|
Debt to assets ratio. |
|
% |
|
% | ||
|
Times interest earned. |
||||||
In: Accounting
Selected information about income statement accounts for the
Reed Company is presented below (the company's fiscal year ends on
December 31):
| 2021 | 2020 | |||
| Sales revenue | $ | 5,250,000 | $ | 4,350,000 |
| Cost of goods sold | 3,030,000 | 2,170,000 | ||
| Administrative expense | 970,000 | 845,000 | ||
| Selling expense | 530,000 | 472,000 | ||
| Interest revenue | 167,000 | 157,000 | ||
| Interest expense | 234,000 | 234,000 | ||
| Loss on sale of assets of discontinued component | 116,000 | — | ||
On July 1, 2021, the company adopted a plan to discontinue a
division that qualifies as a component of an entity as defined by
GAAP. The assets of the component were sold on September 30, 2021,
for $116,000 less than their book value. Results of operations for
the component (included in the above account balances)
were as follows:
| 1/1/2021–9/30/2021 | 2020 | ||||||||
| Sales revenue | $ | 570,000 | $ | 670,000 | |||||
| Cost of goods sold | (375,000 | ) | (422,000 | ) | |||||
| Administrative expense | (67,000 | ) | (57,000 | ) | |||||
| Selling expense | (37,000 | ) | (37,000 | ) | |||||
| Operating income before taxes | $ | 91,000 | $ | 154,000 | |||||
In addition to the account balances above, several events occurred
during 2021 that have not yet been reflected in the above
accounts:
Required:
Prepare a multiple-step income statement for the Reed Company for
2021, showing 2020 information in comparative format, including
income taxes computed at 25% and EPS disclosures assuming 800,000
shares of outstanding common stock. (Amounts to be deducted
should be indicated with a minus sign. Round EPS answers to 2
decimal places.)
In: Accounting
Problem 3-02A a-c, d1-d3 (Video) (Part Level Submission)
The Tamarisk, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows.
|
Tamarisk, Inc. |
||||||
| Account Number | Debit | Credit | ||||
| 101 | Cash | $ 3,500 | ||||
| 126 | Supplies | 2,150 | ||||
| 130 | Prepaid Insurance | 2,400 | ||||
| 140 | Land | 14,000 | ||||
| 141 | Buildings | 59,000 | ||||
| 149 | Equipment | 14,800 | ||||
| 201 | Accounts Payable | $ 11,400 | ||||
| 208 | Unearned Rent Revenue | 3,200 | ||||
| 275 | Mortgage Payable | 40,000 | ||||
| 311 | Common Stock | 35,500 | ||||
| 429 | Rent Revenue | 10,350 | ||||
| 610 | Advertising Expense | 550 | ||||
| 726 | Salaries and Wages Expense | 3,200 | ||||
| 732 | Utilities Expense | 850 | ||||
| $100,450 | $100,450 | |||||
In addition to those accounts listed on the trial balance, the
chart of accounts for Tamarisk, Inc. also contains the following
accounts and account numbers: No. 142 Accumulated
Depreciation—Buildings, No. 150 Accumulated Depreciation—Equipment,
No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No.
619 Depreciation Expense, No. 631 Supplies Expense, No. 718
Interest Expense, and No. 722 Insurance Expense.
Other data:
| 1. | Prepaid insurance is a 1-year policy starting May 1, 2020. | |
| 2. | A count of supplies shows $800 of unused supplies on May 31. | |
| 3. | Annual depreciation is $2,952 on the buildings and $1,476 on equipment. | |
| 4. | The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) | |
| 5. | Two-thirds of the unearned rent revenue has been earned. | |
| 6. | Salaries of $800 are accrued and unpaid at May 31. |
Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
In: Accounting
Create a class called MovieReducerExtremes that implements MediaReducer. Implement a reducer that takes a movie list and an option ("newest" or "oldest"), then return the newest or oldest movie as appropriate.Submit both the MovieReducerExtremes and the Movie class from the first question.
/////Required Output:///////
Newest\n 2014 AKA Jessica Jones Action \n Oldest\n 1936 Cabaret Music \n
Given Files:
Movie.java
public class Movie extends Media {
public Movie(String name, int year, String genre) {
super(name, year, genre);
}
public String getEra() {
if (getYear() >= 2000) {
return "New Millennium Era";
} else if (getYear() >= 1977) {
return "Modern Era";
} else if (getYear() >= 1955) {
return "Change Era";
} else if (getYear() >= 1941) {
return "Golden Era";
}
return "Pre-Golden Era";
}
public boolean wasReleasedAfter(Media other) {
return getYear() > other.getYear();
}
public boolean wasReleasedBeforeOrInSameYear(Media other) {
return getYear() <= other.getYear();
}
}
Demo3.java
import java.io.FileNotFoundException;
import java.util.ArrayList;
public class Demo3
{
public static void main(String[] args) throws FileNotFoundException {
ArrayList movies = MovieLoader.loadAllMovies();
MediaReducer op = new MovieReducerExtremes();
System.out.println("Newest");
System.out.println(op.reduce(movies, "Newest"));
System.out.println("Oldest");
System.out.println(op.reduce(movies, "Oldest"));
}
}
Media.java
public abstract class Media {
private String name;
private int year;
private String genre;
public Media(String n, int y, String g) {
name = n;
year = y;
genre = g;
}
public String getName() {
return name;
}
public int getYear() {
return year;
}
public String getGenre() {
return genre;
}
public String toString() {
return String.format("%5d %-55s %-15s", year, name, genre);
}
//if the media was released on or after the year 2000, return New Millennium Era
//if the media was released on or after the year 1977, return Modern Era
//if the media was released on or after the year 1955, return Change Era
//if the media was released on or after the year 1941, return Golden Era
//in any other situation, return Pre-Golden Era
public abstract String getEra();
//return true if this media has a greater release year than the other's
public abstract boolean wasReleasedAfter(Media other);
//return true if this media was a lesser or equal release yearn than the other's
public abstract boolean wasReleasedBeforeOrInSameYear(Media other);
}
MovieLoader.java
import java.io.File;
import java.io.FileNotFoundException;
import java.util.ArrayList;
import java.util.Scanner;
public class MovieLoader {
public static ArrayList loadAllMovies() throws FileNotFoundException {
File f = new File("movie_list.txt");
Scanner inputFile = new Scanner(f);
ArrayList result = new ArrayList<>();
while (inputFile.hasNextLine()) {
String name = inputFile.nextLine();
int year = inputFile.nextInt();
//skip new line
inputFile.nextLine();
String genre = inputFile.nextLine();
Media m = new Movie(name, year, genre);
result.add(m);
}
return result;
}
}
MediaReducer
import java.util.ArrayList;
public interface MediaReducer {
public String reduce(ArrayList list, String key);
}
A couple from the movie_list.txt
!Next? 1994 Documentary #1 Single 2006 Reality-TV #ByMySide 2012 Drama #Follow 2011 Mystery #nitTWITS 2011 Comedy $#*! My Dad Says 2010 Comedy $1,000,000 Chance of a Lifetime 1986 Game-Show $100 Makeover 2010 Reality-TV $100 Taxi Ride 2001 Documentary $100,000 Name That Tune 1984 Game-Show $100,000 Name That Tune 1984 Music $2 Bill 2002 Documentary $2 Bill 2002 Music $2 Bill 2002 Music $2 Bill 2002 Music $2 Bill 2002 Music $25 Million Dollar Hoax 2004 Reality-TV $40 a Day 2002 Documentary $5 Cover 2009 Drama $5 Cover: Seattle 2009 Drama $50,000 Letterbox 1980 Game-Show $9.99 2003 Adventure $weepstake$ 1979 Drama ' Horse Trials ' 2011 Sport '80s Videos: A to Z 2009 Music 'Allo 'Allo! 1982 Comedy 'Allo 'Allo! 1982 War 'Conversations with My Wife' 2010 Comedy 'Da Kink in My Hair 2007 Comedy 'Da Kink in My Hair 2007 Drama 'More strasti' 2000 Romance 'Ons Sterrenkookboek' 2007 Documentary 'Orrible 2001 Comedy 'Orrible 2001 Crime 'Orrible 2001 Drama 'S ann an Ile 2009 Documentary 'Sang linggo nAPO sila 1995 Game-Show 'Sang linggo nAPO sila 1995 Musical 'T Wilhelmina 1975 Comedy 'Til Death Do Us Part 2006 Crime 'Til Death Do Us Part 2006 Drama 'Til Death Do Us Part 2006 Fantasy 'Til Death Do Us Part 2006 Romance 'Til Death Do Us Part 2006 Thriller 'Til Death 2006 Comedy 'Untold 2004 Documentary 'Wag kukurap 2004 Horror 'Way Out 1961 Drama 'Way Out 1961 Horror 'Way Out 1961 Sci-Fi 'n Shrink 2009 Comedy 't Is maar TV 1999 Comedy 't Is maar TV 1999 Game-Show 't Is maar een spel 2002 Comedy 't Is maar een spel 2002 Game-Show 't Schaep Met De 5 Pooten 1969 Comedy 't Schaep Met De 5 Pooten 2006 Comedy 't Schaep Met De 5 Pooten 2006 Drama 't Zal je gebeuren... 1998 Drama 't Zonnetje in huis 1993 Comedy (S)truth 1999 Drama + Clair 2001 Documentary + Emprendedores mi+d 2010 Documentary + Investigadores 2008 Documentary + de cin�ma 2001 Documentary + de cin�ma 2001 News ... ins Gr�ne! Das Stadt-Land-Lust-Magazin 2010 Documentary ... und basta! 2006 Comedy ... und basta! 2006 Music ... und die Tuba bl�st der Huber 1981 Comedy
In: Computer Science
This is a tableau question.
| Year | Sales |
| 2005 | 49387 |
| 2006 | 53412 |
| 2007 | 56783 |
| 2008 | 58436 |
| 2009 | 59994 |
| 2010 | 61515 |
| 2011 | 63182 |
| 2012 | 67989 |
| 2013 | 70448 |
| 2014 | 72601 |
| 2015 | 75482 |
| 2016 | 78341 |
| 2017 | 81111 |
| 2018 | 82517 |
| 2019 | 83275 |
| 2020 | 84005 |
I. (a) Determine the trend line using both linear and two nonlinear equations Hint: You can choose any two of the nonlinear options in edit trend lines within Tableau. (b) Write down the equations (coefficients). Hint: Double click on trend line and click on describe the model.
II. Which trend line would you suggest? Why?
III. Estimate the sales for 2022. Does this seem like a reasonable estimate based on historical data? (Hint: Show Me — first icon on the left hand side)
IV. Check the quality of the forecast prepared by Tableau. Also, Provide Mean Absolute Error (MAE), and the Mean Absolute Percentage Error (MAPE). Hint: one click on forecast area with the right button of your mouse, then describe forecast and check first Summary and later Models.
V. Prepare a dashboard with 4 sheets: Sheet 1 for the trend line using linear function, Sheet 2 for the trend line using one of the nonlinear function of your choice, Sheet 3 for the trend line using another nonlinear function of your preference and Sheet 4 for Forecasting.
In: Statistics and Probability
Presented below are selected transactions at Splish Brothers Inc. for 2020.
| Jan. | 1 | Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $63,800 on that date. It had a useful life of 10 years with no salvage value. | |
| June | 30 | Sold a computer that was purchased on January 1, 2017. The computer cost $37,800. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100. | |
| Dec. | 31 | Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,620. It was depreciated based on a 6-year useful life with a $3,000 salvage value. |
Journalize all entries required on the above dates, including
entries to update depreciation, where applicable, on assets
disposed of. Splish Brothers Inc. uses straight-line depreciation.
(Assume depreciation is up to date as of December 31, 2019.)
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Do not round intermediate calculations.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Jan. 1June 30Dec. 31 |
|||
|
Jan. 1June 30Dec. 31 |
|||
|
(To record depreciation to date of disposal) |
|||
|
June 30 |
|||
|
(To record sale of computer) |
|||
|
Jan. 1June 30Dec. 31 |
|||
|
(To record depreciation to date of disposal) |
|||
|
Dec. 31 |
|||
|
(To record retirement of truck) |
| Click if you would like to Show Work for this question: |
In: Accounting
%% Homework A8_HW % Analyze hurricaine data over 2001-2014 and 2015-2020 time periods.% The data are provided in 2 csv files containing years and number of% hurricaines for each year in sequential order, i.e.,: 2001 4 2002 6 ...% Download the 2 csv files AtlanticHurricanes20012014.csv and% AtlanticHurricanes20152020.csv and place them in the same folder % with your m-fileclearclc% read 2 csv files into 2 arrays hurr1 and hurr2filename = 'AtlanticHurricanes20012014.csv';hurr1 = csvread(filename);filename = 'AtlanticHurricanes20152020.csv';hurr2 = csvread(filename);%% 1.Find and print the number of years in each of the two arrays%% 2. Using "reshape" and "transpose" functions, reshape the two arrays % into 2-column arrays where the first column is the year number, and % the second column is the corresponding number of hurricanes for that year%% 3. Combine the two 2-column arrays into a new single 2-column array hurrAll%% 4. Print the combined array hurrAll using the disp function % (print headings for each column)%% 5. Sort the combined array hurrAll row-by-row based on % the number of hurricanes in ascending order and print the array%% 6. Using "find" function, find the years with minimal and maximal % numbers of hurricanes. Print these years along with respective % hurricaine numbers using "fprintf" function
This is MATLAB and the documents are a single row array as follows: (THIS IS THE INFO NEEDING TO BE SORTED)
hurr1 = 2010 9 2011 8 2012 7 2013 6
hurr2 = 2014 6 2015 7 2016 8 2017 9
In: Computer Science
I would like a formulation of this text below as the content is related to discrimination in the housing market. Please, you can write a good formulation, and write and not write by hand, so that I can read and understand your answer clearly. BR
1- Discrimination in the Swedish housing market.
The problem in the Swedish housing market, however, is the lack of
rental apartments in the country. The population in Sweden
increased in 2019 by 1% and since 2000 it has increased by
approximately 16% (Statistics Sweden, 2020). Ahmed et al (2010)
further investigated whether the amount of information that the
applicant in the expression of interest has any impact on the
discrimination in the rental market. Previous studies on
discrimination showed that increased knowledge about the candidate
has an impact on discrimination.
To find out the discriminatory pattern on the market, fictitious
candidates with Arabic / Muslim names and Swedish names, with
different amounts of data, are used to use housing online in
Sweden. Candidates with Arabic / Muslim names received fewer
answers. This was the same despite the increased amount of data.
But the increase in data increased the answers for Swedish named
candidates. The Arab / Muslim candidates received fewer responses
from the landlords than the Swedish candidates. All candidates
received by providing additional information about themselves, but
the amount of discrimination of the Arab / Muslim candidates
remained unchanged, indicating that an increase in the amount of
data on the candidates will not reduce discrimination. More
information on rights in the housing market is needed, and actors
with tools to combat discrimination must apply them.
In: Economics
Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2021 before any adjusting entries or closing entries were prepared. The income tax rate is 25% for all years.
Required:
For each situation:
1. Identify whether it represents an accounting
change or an error. If an accounting change, identify the type of
change. For accounting errors, choose "Not applicable".
2. Prepare any journal entry necessary as a direct
result of the change or error correction, as well as any adjusting
entry for 2021 related to the situation described. Any tax effects
should be adjusted for through Income tax payable or Refund—income
tax.
Prepare any journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2021 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund—income tax. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | a(1) | Prepaid insuranceselected answer correct | 35,000selected answer incorrect | not attempted |
| Retained earningsselected answer correct | not attempted | 35,000selected answer incorrect | ||
| 2 | a(2) | Insurance expenseselected answer correct | 7,000selected answer correct | not attempted |
| Prepaid insuranceselected answer correct | not attempted | 7,000selected answer correct | ||
| 3 | b(1) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 4 | b(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 5 | c(1) | Inventoryselected answer incorrect | 960,000selected answer incorrect | not attempted |
| Retained earningsselected answer correct | not attempted | 960,000selected answer incorrect | ||
| 6 | c(2) | Depreciation expenseselected answer incorrect | 57,600selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 57,600selected answer incorrect | ||
| 7 | d(1) | Warranty expenseselected answer incorrect | 30,000selected answer incorrect | not attempted |
| Estimated warranty liabilityselected answer incorrect | not attempted | 30,000selected answer incorrect | ||
| 8 | d(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 9 | e(1) | Retained earningsselected answer correct | 5,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 5,000selected answer incorrect | ||
| 10 | e(2) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 11 | f(1) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 12 | f(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 13 | g(1) | Retained earningsselected answer incorrect | 15,500selected answer incorrect | not attempted |
| Compensation expenseselected answer incorrect | not attempted | 15,500selected answer incorrect | ||
| 14 | g(2) | Warranty expenseselected answer correct | 30,000selected answer correct | not attempted |
| Estimated warranty liabilityselected answer correct | not attempted | 30,000selected answer correct |
In: Accounting